Financial Management

Financial Management

Manage your institution’s finances with integrated budgeting, accounting, fee collection, and comprehensive financial reporting.

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Overview

The Financial Management module provides educational institutions with enterprise-grade financial tools:

• Budget Management - Plan, track, and control institutional budgets
• Fee Collection - Integrated student fee billing and collection
• Accounting Integration - Seamless connection with Odoo accounting
• Financial Reporting - Comprehensive reports for decision-making
• Payment Processing - Multiple payment gateway support
• Cash Flow Management - Monitor and forecast cash positions

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In This Section

Guide	Description	Time
Budget Management	Create and monitor institutional budgets	20 min
Financial Reports	Generate financial statements and analytics	15 min
Accounting Integration	Configure accounting module connection	25 min
Cash Flow Management	Track and forecast cash positions	15 min

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Quick Start

Set up basic financial management

1. Configure Accounting

   • Go to Accounting > Configuration > Settings
   • Set up chart of accounts
   • Configure fiscal year

2. Create Budget

   • Navigate to Accounting > Budgets > Budgets
   • Click New
   • Define budget period and lines

3. Link to Fee Collection

   • Connect fee structures to accounting
   • Set up income accounts for fee categories

Detailed setup guide

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Module Architecture

Core Modules

Module	Edition	Description
openeducat_fees	Community	Basic fee structure and terms
openeducat_fees_plan	Enterprise	Advanced fee plans with invoicing
openeducat_fees_parent_bridge	Enterprise	Parent portal fee access
account_budget	Common Apps	Budget management
account_financial_reports	Common Apps	Financial reporting
accounting_pdf_reports	Common Apps	PDF report generation

Dependencies

account (Odoo Core)
    |
    +-- openeducat_fees (fee structures)
    |       |
    |       +-- openeducat_fees_plan (invoicing, plans)
    |               |
    |               +-- openeducat_fees_parent_bridge (parent access)
    |
    +-- account_budget (budgeting)
    |
    +-- account_financial_reports (reporting)

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Key Features

Budget Management

• Budgetary Positions - Define budget categories linked to accounts
• Budget Lines - Set planned amounts by period
• Variance Analysis - Compare planned vs actual spending
• Multi-Period Budgets - Annual, quarterly, or monthly tracking
• Analytic Integration - Link budgets to analytic accounts

Fee-to-Accounting Flow

Fee Structure Created
        |
        v
Student Fee Plan Assigned
        |
        v
Invoice Generated (account.move)
        |
        v
Payment Received
        |
        v
Journal Entry Posted
        |
        v
Financial Reports Updated

Financial Reports

Report	Purpose
Balance Sheet	Assets, liabilities, and equity
Profit & Loss	Income and expenses
Trial Balance	Account balance verification
General Ledger	Detailed transaction history
Aged Receivables	Outstanding fee payments
Cash Flow Statement	Cash movement analysis

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Workflow States

Budget Workflow

Draft --> Confirmed --> Validated --> Done
  |                                    ^
  +-------> Cancelled                  |

State	Description
Draft	Budget being prepared
Confirmed	Budget submitted for approval
Validated	Budget approved and active
Done	Budget period completed
Cancelled	Budget cancelled

Invoice Workflow

Draft --> Posted --> Paid
            |
            +-----> Cancelled

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Prerequisites

Before using Financial Management:

• Odoo Accounting module installed and configured
• Chart of accounts set up
• Fiscal year defined
• Bank accounts configured
• Payment methods established
• User permissions assigned

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User Permissions

Role	Capabilities
Financial Manager	Full access to all financial functions
Accountant	Journal entries, invoices, payments
Budget Manager	Budget creation and monitoring
Fee Administrator	Fee structures and collection
Auditor	Read-only access to all financial data

Security Groups

Group	Technical Name	Access Level
Billing	account.group_account_invoice	Create invoices
Accountant	account.group_account_user	Full accounting
Advisor	account.group_account_manager	Settings, reports
Budget User	account_budget.group_account_budget	Budget management

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Integration Points

With Fee Management

• Fee invoices create accounting entries
• Payment reconciliation updates fee status
• Revenue recognition by fee category

With Student Records

• Student partner records for invoicing
• Fee history linked to student profile
• Parent billing information

With Reporting

• Fee collection dashboards
• Budget variance reports
• Revenue forecasting

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Best Practices

1. Chart of Accounts - Design accounts specific to educational revenue and expenses
2. Cost Centers - Use analytic accounts for departments, programs, and projects
3. Budget Periods - Align budget periods with academic calendar
4. Reconciliation - Perform monthly bank reconciliation
5. Audit Trail - Maintain documentation for all financial transactions
6. Segregation - Separate duties between fee collection and accounting

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Configuration Checklist

Initial Setup

• Install accounting modules
• Configure company financial settings
• Set up chart of accounts
• Define fiscal year and periods
• Create bank journals
• Configure payment providers

Fee Integration

• Create income accounts for fee categories
• Link fee products to accounts
• Set up fee journals
• Configure automatic invoicing

Budgeting

• Define budgetary positions
• Create budget templates
• Assign budget managers
• Set approval workflow

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Related Topics

• Fee Management
• Fee Collection
• Online Payments
• Generate Invoices
• Reports Overview